Intime Properties Ltd, a part of the K Raheja Corp Group, today said it has raised Rs 340 crore through commercial mortgage backed securities (CMBS).
Intime raised Rs 340 crore by issue of non-convertible debentures (NCD) in the form of CMBS to refinance bank debt, a statement issued here said.
These fixed rate NCDs, rated IND AAA(SO) from India Ratings, have nine-year maturity with early redemption options, at par, at the end of 4th and 6th year. It is India's first AAA rated commercial office space CMBS, the release said.
"Lessees to directly remit the lease rentals and fit-out rentals into a Trustee-monitored escrow account (and) provision for Debt service reserve account (DSRA) and performance based triggers to retain excess cashflow," it said.
Intime Properties is a part the K Raheja Corp Group, a Mumbai-based real estate developer. The Group holds 89 per cent in Intime and the balance is held by Andhra Pradesh Industrial Infrastructure Corporation Ltd.
The lead arrangers were IDFC Ltd and Credit Suisse Securities (India) Private Limited.
